Need advice on loan

[DUCTAPER77]

I did the pre qualify and I was aproved for a $20,000 loan APR 19.49% interest rate 15.80%  36 monthly payment of $701.17 just wanted some advice is this a bad or OK loan?

[Appleman]

I think people on the forum will be looking for additional information to render an opinion.

If your score is 800 and low DTI ration then no not a good deal.

However, if you are like many of us who frequent these boards your scores are likely lower.

Sounds like there is an origination fee, common with many including LendingClub and Prosper. Looks like at least a 3.69% origination fee? ($738)

I am making an assumption that you need the money to pay down credit card (may not be the case)?

If the interest rates on your credit cards is higher it could save you interest. If it does go toward credit card debt it may decrease your utilization on the cards and you would have better scores to show for paying down the utilization.

Without additional information it is hard to give an educated guess.

[DUCTAPER77]

My scores are Eq 679  tu 693  ex 691 I owe 6500 on 3 high interest cc's and 14,000 on a high interest auto loan the loan minus the fee will be at least $19000 I was thinking put $1,500 out my pocket with the $19,000 and pay off the car and cc's and just have to pay the one payment of $700 to prosper every month and doing that I was thinking my score would go up as well 

[Anonymous]

The APR doesn't seem out of line for your scores. But, is this the only one you've checked? If it is, you should shop around before making a decision. There are many lenders who just do a soft pull to check rates. In addition to Prosper, Payoff.com, Sofi.com, LendingClub.com, Avant.com, Upstart.com, BestEgg.com, CircleBackLending.com, Pave.com, LoanDepot.com, and PromiseFinancial.com are all soft pulls to check rates and amounts.

[Anonymous]

Have you tried to refi your auto loan?  I'd definitely explore that before taking out a high interest personal loan to pay one off.